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No dividend will be paid, a disappointment for investors who had been expecting something around the 8.09p-per-share mark. The firm also announced that it has agreed to acquire the entire issued share capital of Trimac Acceptance and its wholly owned subsidiary, Trimac Exit Insurance, a Barbados domiciled captive insurer, for $2.7m.

"Whilst investment markets were and remain challenging, percentage returns on funds held by our insurance company subsidiaries remained stable at 3.0% overall (2010: 3.0%), significantly above the Lloyd's market average of 1.9%," the company said. "Total investment income however fell, reflecting a significant reduction in average balances held." R&Q was keen to emphasise that its Insurance Investments division performed very well, generating an operating profit of £8.3m (2010: £7.4m), driven by strong net reserve releases in the UK portfolios.

Shares in Randall and Quilter Investment took a dive after the group posted a loss on ordinary activities following an impairment charge, plunging the company into the red. A pre-tax profit (PTP) on activities on 2010 of £7.5m turned to a loss of £4.7m, equal to loss per share (EPS) of 0.9p (2010: +12.2p). The market had been expecting a PTP of £8.31m and EPS of 12.60p. Total income rose from £32.8m to £36.8m, short of expectations of £39.10m, hit by a goodwill impairment charge of £13.46m, which was due to the continued low market yields on high quality fixed income securities and the acceleration in settlement of known claims during 2011, which resulted in much lower than anticipated cash and investment balances by year end.

Professor Stephen Holgate, the founder of Synairgen, said: "This is the first clinical study which appears to demonstrate that, by boosting the antiviral defences of the lungs of asthmatics...we can...prevent worsening of asthma symptoms in a high risk group of patients."

The study investigated SNG001 in a population of 134 adult asthma patients, representing 'mild-moderate' through to 'severe' asthmatics, who caught a cold. Patients with 'difficult to treat' asthma, being approximately half of the patients in the trial, benefitted significantly from SNG001 treatment. This category of patient is estimated to represent between 10% and 20% of all adult asthma sufferers.

Southampton based research firm, Synairgen, has rocketed in morning trading after announcing results for a treatment which could protect asthmatics from respiratory virus infections. The drug, called SNG001, stops infections like the common cold spreading to patients' lungs, which is often the cause of hospital admissions for asthma sufferers.

Specialist Energy Group, an engineering firm, has reported a 5% rise in order intake to £31.6m for the year ended December 31st. However, pre-tax profit fell from £2.9m to £1.7m, while group revenue fell 16.7% from £38.5m to £32.1m. This was partly the result of a poor performance by the manufacturing division with revenues down £5.7m to £12.9m resulting in an operating loss of £1.0m. Net debt was higher at £10m (2010: £6.7m).

MDY Healthcare has confirmed that it will pay 52p per ordinary share to shareholders following its hearing in court regarding the proposed cancellation of the company's share premium account and reduction of its share capital.

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In addition, Quindell has agreed the terms for the acquisition of the companies comprising Overland Health, for £14m to be satisfied by the issue of 140,000,000 Quindell shares, issued at a price of 10p per share, representing a premium of about 50.9% on Wednesday's closing price. MDY Healthcare has confirmed that it will pay 52p per ordinary share to shareholders following its hearing in court regarding the proposed cancellation of the company's share premium account and reduction of its share capital. Specialist Energy Group, an engineering firm, has reported a 5% rise in order intake to £31.6m for the year ended December 31st. However, pre-tax profit fell from £2.9m to £1.7m, while group revenue fell 16.7% from £38.5m to £32.1m. This was partly the result of a poor performance by the manufacturing division with revenues down £5.7m to £12.9m resulting in an operating loss of £1.0m. Net debt was higher at £10m (2010: £6.7m).

Outsourcing firm Quindell Portolio has revealed that its pipeline for insurance business process outsourcing deals has now reached a record level. The group is consequently in discussions with multiple insurance players regarding outsourcing arrangements that in each case could deliver multiple tens of millions of pounds of revenues per annum. "Total pipelines in this area are capable of organically more than doubling in 2013 the group's current run rate revenues including those of the recently acquired businesses," the firm said. First quarter trading has been in line with market expectations.

Laser machinery maker Somero Enterprises has announced that trading in the first quarter of the year has been 'significantly' ahead of expectations as a result of an upturn in underlying demand. Consequently, the board now believes revenues are likely to be some 15% ahead of current market expectations for the full year ending December 2012. If demand continues during the second quarter of the financial year, the company is planning to add some costs in training, marketing and sales initiatives to take full advantage of a stronger sales environment. Shares were up 15%.

House broker Charles Stanley has raised its fiscal 2012 profit before tax forecast for the second time in two months, by 15% to £1.5m. Market consensus for profit before tax prior to the trading update was £1.30m. As might be expected of the house broker, Charles Stanley rates the shares a "buy", and has raised its price target from 45p to 49p.

"Strategically, we believe, the management made the right decision to maintain a presence in the Middle East on the expectation of better trading conditions due to increased infrastructure spending this year. This is proving the case and has helped underpin the two upgrades to guidance since the start of the year. However, the improvement in other areas of the business should not be underestimated and credit needs to be given to the management for the turnaround across the business," the broker argued. The shares are trading on 9.8 times consensus forecast earnings for fiscal 2013, prior to expected upgrades on the back of Thursday's pre-close trading update. The valuation does not look stretched, in Northland's view, taking into account the current earnings momentum.

"The company is pleased with the continued progress being made as a result of the renewed focus of the business on its core competencies and in broadening its presence, both geographically and in the sectors it operates in within the UK. This has gone down rather well with investors, with the stock hitting a 52-week high of 46.5p in the morning trading session. Over the last 12 months the stock has risen by more than 150%. "Two upgrades to FY [full year] expectations in the first six months of the year highlight the momentum within the business," noted Northland Capital Partners.

Driver Group, the construction consultancy, has lifted profit guidance for the second time this year on the back of strong trading and an order book that is fit to burst. Strong performances at its Middle East, Africa and UK Power divisions have persuaded the board to lift management expectations for the current financial year yet again, less than two months after it previously advised the market that the company was performing ahead pf expectations

"Notwithstanding current, soft market conditions, we continue to see significant medium term growth potential in the group, both organic and acquisitive, as management begins to deliver on the new strategy. We retain our 96p price target and Buy recommendation," the broker said. Daniel Stewart is also standing pat with its 2012 forecast of profit before tax of £3.2m and its "buy" recommendation. On the target price, it is even more upbeat than the house broker, with a 12-month projection of 125p.

Taking the "glass half full" approach, house broker N+1 Brewin said the update "confirms that the current year will be strongly second half weighted (we now estimate in the region of 25:75) as recent operational initiatives and new business wins begin to contribute." The broker has reduced its sales forecasts for fiscal 2012 and 2013 by around £2m in both cases to reflect the phasing out of lower margin legacy contracts. N+1 Brewin expects the impact on profitability to be offset by the cost saving measures outlined by management, so its headline earnings forecasts for this year and next remain unchanged.

Electronics group, Stadium issued a profits warning today ahead of its annual general meeting (AGM). The company said weak demand for its electronics manufacturing business would continue throughout the year. It added a number of "legacy contracts with poor margins are being phased out, or renegotiated to secure better margins". The basic message was made crystal clear by the statement "first half trading will be lower than the equivalent period last year"

●Shares in DRIVER GROUP(DRV) add 15% to 44.5p after it says that it expects to exceed market forecasts for the year. ● Driver, a construction consultancy that has diversified from its UK roots into the Middle East, is on the path to recovery after a difficult year in 2010.